The historic 16 th century Palácio dos Condes de Lumiares, from which the property derives its name, is situated in the middle of Bairro Alto, one of Lisbon s most sought after real estate areas. Enjoying a central and prominent hill-top location, the Lumiares Luxury Hotel Apartments command wide views over Lisbon and its majestic river, the Tagus River (Rio Tejo). The 5* hotel apartments all offer underground parking and secure storage facilities, as well as the amenities that you would expect from a world class 5* hotel: a Spa, Gym, two luxury branded shops and a cosmopolitan rooftop bar, the Alto Bar, commanding amazing views over Lisbon. This rooftop bar, which will showcase many of Portugal s finest world-famous wines, will also offer international gourmet light dining in the evening for all and breakfast to apartment guests in the morning. The Lumiares will be branded as an independent 5* luxury apartment hotel, representing the best that Lisbon has to offer in terms of design, heritage, culture and character. All apartments will benefit from a professional management structure for owners and the very best facilities and levels of service for guests. SECURED PROPERTY INVESTMENT* ONE OF THE BEST LOCATIONS IN LISBON NEW & VERY MODERN PROJECT WITHIN LISTED FACADE OF AN HISTORICAL LISBON PALACE ELIGIBLE FOR IMI & IMT EXEMPTION** SUITABLE FOR GOLDEN RESIDENCY PERMIT & NON-HABITUAL BUYERS ALIKE. *Buyers funds will be held in a deposit account and only released on project/construction milestones being met. **Application being processed and subject to final ruling from Lisboa tax office (also dependent on the type of buyer).
JOAO PEDRAS & HELDER CORDEIRO ARCHITECTS We have spent most of our time working on this project over the last 9 months and are very proud of the outcome. It has been a challenge getting the most out of the space and we both feel that the design and concept now works extremely well. We feel we have done justice to this wonderful old palace building with the support of our team, who have achieved this whole process in a record 9 months. It has also helped that the local planning and heritage department have been so supportive and responded so quickly during this process. The Lumiares is a very important calling-card for us, as it s in such a prominent position and we are looking forward to seeing this old building coming back to life. CHRIS EDDIS PART OWNER/DEVELOPER I have worked with and owned a number of great hotels around the world and I am excited about doing the same in Lisbon. I feel honoured to have the opportunity to be part of the team developing this old palace and feel very confident that this will become a very special addition to what is on offer in Lisbon at the moment. PETER LOWE PART OWNER/DEVELOPER My company believes in creating beautiful luxurious hotels in fabulous locations - The Lumiares truly fits the bill. This stunning landmark building, in the heart of Bairro Alto, has required a huge team effort to make sure justice is done to this historical palace - we wanted to keep all the charm while bringing the building into the 21st century. The Lumiares will be completed in late 2016 and will represent one of the very best hotels in Lisbon, offering a truly luxurious and exciting 5 star experience. 2 3
CONTENTS INVESTMENT SUMMARY - The Lumiares Luxury Hotel Apartments, Lisbon LOCATION Bairro Alto, Lisbon PROJECT TEAM INVESTMENT CASE - Why Invest in Lisbon? GOLDEN RESIDENCY PERMIT (GRP) Summary THE LUMIARES LUXURY HOTEL APARTMENTS PROPERTY SPECIFICATIONS HOTEL MANAGEMENT, OPERATIONS AND RENTAL RETURNS PALACE HISTORY - The History of Palácio dos Condes de Lumiares LISBON OVERVIEW PURCHASE STRUCTURE & PROCESS CONTACT US 4 5
APARTMENT PURCHASE IN THE LUMIARES OPPORTUNITY TO ACQUIRE AN APARTMENT IN A TOP END 5* APARTMENT HOTEL IN THE HEART OF BAIRRO ALTO. From 260.000 The Lumiares Luxury Hotel Apartments occupies a former palace in Bairro Alto, in the heart of Lisbon. Centrally located, it is walking distance to all of the fine restaurants, nightlife, shops and attractions that this bustling, bohemian hill-top location has to offer. It is also minutes on foot, or by funicular, to Lisbon s main commercial and business address, the Avenida da Liberdade. Purchasers, as well as receiving a guaranteed return on investment over the first three years, plus a generous furniture package, will also benefit from up to six weeks of personal usage per year. The rental structure ensures a protected investment opportunity for buyers looking to take advantage of a strong market in Lisbon in an area that is expected to show some excellent capital growth over the next few years. Buyers who enter the rental scheme will enjoy a three year rental guarantee of 4% gross per annum. The only deductions applicable to this return are local taxes and property management fee. After the three year guarantee period, the arrangement reverts to a 45% share of room revenues, with the management company (LHMC) remaining responsible for meeting costs of security and staffing, utilities, building and business insurance, maintenance, cleaning and laundry. After year 3, it is expected that purchasers will enjoy returns of 5-6% gross on their original purchase price. Please see Section 7 on page 43 for an illustrative example. PLEASE NOTE: the rental guarantee and furniture package are only offered to purchasers opting to join the LHMA (Lumiares Hotel Management Agreement). Each apartment will be managed by the Hotel to maximize income and for ease of use by purchasers. For personal usage allowances, terms and conditions apply. Please see page 43 for further details. 6 7
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01 INVESTMENT SUMMARY THE LUMIARES LUXURY HOTEL APARTMENTS, LISBON THE DEVELOPMENT Site and facade of historic palace acquired April 2014. THE PROPERTY Fifty-three 5* hotel apartments on four storeys above ground floor, with spa, bar and underground parking within a professional hotel management structure. Facilities include: Ground floor Reception and Concierge. Two shops with main street frontage which will be selling high end retail/fashion items. Underground parking spaces for each apartment and 60 storage units on 3 basement levels. Large rooftop terrace café/bar (the Alto Bar) with direct access from Main Reception. Spa/Gym on the ground floor and basement (-1 level) with direct access from Reception. LOCATION IN BAIRRO ALTO, LISBON In the heart of Bairro Alto, 15 minutes from Lisbon Airport, 5 minutes from Avenida da Liberdade. RESIDENCY RIGHTS Immediate legal right of residence in Portugal (GRP), (Minimum EUR500,000 of equity has to be invested). INVESTMENT SECURITY All purchasers funds will be held in a deposit account and released against agreed project/construction milestones. Please see Section 10 for more detail. RENTAL GUARANTEE FOR PURCHASERS 3 years from handover of Hotel Apartment (Deed) at 4% gross per annum. TURN KEY INVESTMENT The Hotel Apartments will be fully furnished on completion and ready to be occupied or rented out as part of the rental pool subject to the LHMA. If purchasers decide not to enter the rental pool and not to sign terms of the LHMA, the hotel apartment may be purchased without furniture but will also not benefit from the Rental Guarantee. COMPLETION Construction to start in March 2015 with Completion in December 2016 and hotel opening in January 2017. 10 11
02 LOCATION BAIRRO ALTO, LISBON THE LUMIARES LUXURY HOTEL APARTMENTS IS SITUATED ON RUA SÃO PEDRO DE ALCÂNTARA The Lumiares Luxury Hotel Apartments is situated in Bairro Alto, at the top of Lisbon s most famous funicular tramway Elevador da Glória, linking Bairro Alto with the city s retail and business heart, the Avenida da Liberdade and Baixa. The building, situated on the Rua São Pedro de Alcântara, commands views over historic Lisbon to the Castel São Jorge in the East and enjoys the unique characteristics of the Bairro Alto neighbourhood providing an unrivalled location for The Lumiares Luxury Hotel Apartments. Bairro Alto, meaning Upper Town, occupies one of Lisbon s prominent hilltops, lying high above the city centre, to the west of Baixa. A place of picturesque hills at night becomes one of Lisbon s most dynamic areas with a huge choice of restaurants and bars. Across the road from the property, the Glória Funicular takes you to the bottom of the Avenida da Liberdade. The Liberdade is an elegant treelined boulevard that boasts many of the world s leading brand names in retail and fashion, as well as many of the city s main business headquarters, making it one of the most cosmopolitan, international and prestigious areas in Lisbon. At the bottom of the funicular is the heart of Baixa ( downtown ). This area was the historic shopping heart of the city with Rua Augusta, the area s main shopping street, linking the riverside square of Terreiro do Paço to the beautiful Rossio Square and the Avenida da Liberdade. From the Lumiares Luxury Hotel Apartments, it s a short walk down to the Chiado district, characterised by signature cafes, such as A Brasileira, the art school, theatres and museums. Nearby, neighbouring Carmo has some of the city s most fascinating historic buildings, such as the elegant Convent and Church of Carmo, as well as the Archaeological Museum of Carmo, with its collection of prehistoric, Roman, medieval and baroque artefacts. 12 13
PRÍNCIPE REAL AV. LIBERDADE S. PEDRO DE ALCÂNTARA BAIRRO ALTO ROSSIO CHIADO 14 15
Avenida José Malhoa Miradouro de Calhau H Fundação Calouste Gulbenkian Alameda D. Afonso Henriques Fonte Luminosa Parque Recreativo do Alto da Serafina ALAMEDA Avenida das Descobertas BELÉM te do cesso Museu da Marinha Torre de Belém Centro Cultural de Belém Planetário Museu de Arte Popular Miradouro do Moinho dos Mochos Museu de Etnologia Estádio do Restelo Mosteiro dos Jerónimos Itinerário Complementar 15 (A5) Calçada da Ajuda Padrão dos Descobrimentos Miradouro da Luneta dos Quartéis Parque Municipal de Campismo Jardim Botânico Jardim do Ultramar PARQUE FLORESTAL DE MONSANTO Palácio da Ajuda Museu Nacional dos Coches Museu da Electricidade Fábrica Nacional da Cordoaria Centro de Congressos Miradouro de Monsanto Avenida da Ponte Ponte 25 de Abril Avenida de Ceuta Museu do Oriente ALCÂNTARA Aqueduto das Águas Livres Tapada das Necessidades CAMPOLIDE CAMPO DE OURIQUE Palácio das Necessidades H 13 Avenida 24 de Julho Porto de Lisboa LAPA Centro C. Amoreiras Basílica da Estrela Museu de Arte Antiga R. Joaquim António de Aguiar Jardim da Estrela ESTRELA Rio Tejo Mãe de água Estufa Fria Largo do Rato Palácio de São Bento Parque Eduardo VII Museu da Ciência Avenida Dom Carlos V 1 Marquês de Pombal H Avenida 24 de Julho Av. Fontes Pereira de Melo 3 Jardim Botânico Jardim de S. Pedro de Alcântara BAIRRO ALTO Av. da Liberdade BAIRRO DE STA. CATARINA Praça Luís de Camões SANTOS Elevador da Glória Cais do Sodré Direction: 2 H Teatro Tivoli H 6 Teatro trindade Elevador da Bica 4 11 ESTEFÂNIA Elevador do Lavra Largo do Carmo Museu Nacional de Arte Contemporânea CASINO DO ESTORIL SINTRA CASCAIS H Teatro Politeama 7 12 10 Igreja de S. Roque 8 9 Teatro São Carlos e São Luíz Jardim do Torel Rua Augusta Av. Almirante Reis Igreja de S. Domingos Teatro Nacional D. Maria II Elevador S. Justa Estação Fluvial do Cais do Sodré Praça do Comércio Direction: ANJOS MOURARIA BAIRRO DO CASTELO Castelo de São Jorge Sé Catedral Museu da Moda e do Design (MUDE) ALFAMA Rua Morais Soares Mosteiro de S. Vicente Miradouro de Sta. Luzia Museu do Fado GRAÇA TERREIRO DO PAÇO Estação Fluvial Terreiro do Paço BEACHES COSTA DA CAPARICA ALENTEJO ALGARVE Miradouro da Graça Igreja da Graça Panteão Nacional Museu Militar Doca do Jardim do Tabaco Mosteiro de Santos-o-Novo Direction: PARQUE DAS NAÇÕES CASINO DE LISBOA OCEANÁRIO AIRPORT 16 min. escale: Avenida Infante D. Henrique SANTA APOLÓNIA Estação Santa Apolónia 500m MADRE DE DEUS Museu Nacional do Azulejo 25 min. 10 min. 25 min. 24 min. 7 min. 19 min. 12 min. 9 min. 10 min. 13 min. 9 min. 11 min. 8 min. 1 min. 25 min. 24 min. 25 min. 12 min. 10 min. 11 min. 9 min. 10min. 4 min. 12 min. 10 min. 6 min. MUSEUM M. da Moda e do Design (MUDE) M. Nacional de Arte Antiga Museu da Ciência Museu Militar Museu do Fado Museu de Arte Contemporânea Mãe de Água Convento do Beato Museu Nacional do Azulejo Centro Cultural de Belém Museu Nacional dos Coches Museu da Electricidade Museu do oriente Fundação Caloust Gulbenkian SIGHTS Miradouro de S. Pedro de Alcântara Miradouro da Graça Miradouro de Sta. Luzia Castelo de S. Jorge Miradouro do Torel Miradouro de Monsanto Miradouro do Calhau (Monsanto) Miradouro da Luneta dos Quartéis Miradouro do Moinhos do Mochos SHOP Praça Luís de Camões (Baixa-Chiado) Av. da Liberdade Rua Augusta (Rossio) C. Comercial das Amoreiras 21 min. 22 min. 12 min. 12 min. 12 min. 9 min. 7 min. 1 min. 25 min. 16 min. 1 min. 25 min. 14 min. 9 min. 25 min. 14 min. 13 min. 18 min. 11 min. H 2 min. 13 min. 14 min. 23 min. 16 min. 7min. 9 min. 13 min. 13 min. GARDENS Jardim da Estrela Parque Eduardo VII Jardim Botânico ( P. Real) Jardim do Torel Jardim Botânico (Ajuda) Fundação Caloust Gulbenkian Estufa Fria CHURCH/MONUMENTS Mosteiro de Santos -o- Novo Mosteiro de S. Vicente Sé Catedral Igreja de S. Roque Basílica da Estrela Praça do Comércio Elevador Santa Justa Castelo de S. Jorge Panteão Nacional Torre de Belém Mosteiro dos Jerónimos Padrão dos Descobrimentos HOSPITALS St Louis H. de Jesus São José Santa Marta St António dos Capuchos CUF Infante Santo Curry Cabral Lusiadas British Hospital 1 2 3 4 5 6 7 8 9 10 11 12 13 14 11 min. 10 min. 23 min. 4 min. 8 min. 23 min. 6 min. 13 min. 9 min. 6 min. 6 min. 12 min. 6 min. 3 min. 1 min. 16 min. 13 min. 16 min. 6 min. 2 min. 8 min. 12 min. 12 min. 9 min. 15 min. 2 min. 7 min. 16 min. SCHOOLS British Council Lisboa Passos Manuel Pedro Nunes Música do Conservatório Nacional Superior de Dança Hotelaria e Turismo de Lisboa French School - Lyceé Français Charles Lepierre German School - Deutsche Schule Lissabon THEATERS Nacional D. Maria II São Carlos São Luíz Tivoli Politeama Trindade OTHER POINTS OF INTEREST Inst. dos Vinhos do Douro e do Porto Bank of China Fundação Oriente Mercado da Ribeira PSP - Police station PSP - Police station Subway - Restauradores Subway - Rossio Subway - Baixa Chiado Train - Estação do Rossio - Sintra Train - Cais do Sodré - Cascais Bus 202 / 758 Mercado de Campo de Ourique Airport 16 17
03 PROJECT TEAM THE LUMIARES LUXURY HOTEL APARTMENTS, LISBON OWNERS Quick & Positive (Q&P) Investimentos Imobiliários Unipessoal Lda NIPC 510111645 GERENTES/MANAGERS Chris Eddis & Peter Lowe DEVELOPERS Morningbridge Lda (Portuguese joint venture company) NIPC 510768288 GERENTES/MANAGERS Chris Eddis & Peter Lowe Morningbridge Lda is a joint venture enterprise between: Bridgehead Capital Ltd (Bridgehead) & Mornington Capital Ltd (Mornington). Bridgehead, headed by Peter Lowe, is a development and investment company which has developed in many locations around the world (UK, Portugal, Spain, Bulgaria and the Caribbean). It has over 18 years experience in Portugal, having developed and sold over many parts of the country from Sagres (Western Algarve) up to near Óbidos (40 minutes North of Lisbon). Bridgehead has also acted as a consultant to many other developers, banks and funds. Mornington, headed by Chris Eddis, (ex Goldman Sachs and JP Morgan), is a hotel and real estate investment company with a specialisation in identifying, turning around and operating hotel and real estate businesses and assets. Mornington s experience includes Six Senses Resorts (investment, strategic management, board representation and expansion of barefoot luxury concept), Isle de France Hotel in St Barths (French Caribbean sold in 2013 to luxury products group LVMH). Hotel Prague (acquired in December 2013 and immediately repositioned and reflagged as independent boutique hotel the Mark Luxury Hotel Prague). LAWYERS for all conveyancing & GRP/NHR applications. PLMJ was founded in Lisbon 50 years ago, but has an impressive international reach, especially in Asia (Hong Kong and China), Russia, Africa and Latin America. With over 210 lawyers and 43 partners, PLMJ is also one of Portugal s largest law firms. Core to their success is their mission to provide first class legal services with high ethical standards at competitive prices. PLMJ has a partnership with Dacheng Law Offices (largest law firm in China, with offices spread throughout China (www.dachengnet.com). They are providing a combined service for both the GRP application and renewal along with the property conveyance for a fixed fee of EUR7,500 plus any statutory application fees. CONSTRUCTION Constructora San José, S.A. (SANJOSE) NIPC 980048095 GERENTES/MANAGERS Nilton Ramos SANJOSE operates in more than 20 countries. The company has a reputation as a successful international construction company with over 25 years of experience in Portugal alone. It has built up an excellent reputation over many years and is known for its quality of construction, efficiency, sustainability, technological innovation, and for meeting client deadlines. SANJOSE has won numerous awards and its portfolio of projects and track record is available online (www.gruposanjose.com) showing selected projects and highlights across all sectors. ARCHITECTS Metro Urbe Projectos e Consultoria em Arquitectura Lda. NIPC 507341350 GERENTES/MANAGERS João Pedro Pedras & Helder Cordeiro João Pedras and Helder da Silva Cordeiro founded Metro Urbe in 2005. With a team of ten professionals, Metro Urbe s main focus is directed at central Lisbon properties and projects. It has extensive experience working with, and maximizing, old Lisbon palace buildings. In the last ten years, Metro Urbe has also worked on several international hotel resort projects, at times with many worldwide architects practices. This combined experience helps the firm bring modern solutions to very local architectural problems. Metro Urbe s philosophy is simple and threefold: design should be sustainable, it should be based on understanding its target users, and it should incorporate 21 st century solutions. Working with small teams tailored to each project, Metro Urbe has also worked successfully with SANJOSE on many projects in Lisbon such as the Lumiares Luxury Hotel Apartments. 19
04 INVESTMENT CASE WHY INVEST IN LISBON? INVESTMENT OPPORTUNITY: Lisbon remains an important business and trading centre and is the country s main economic driver in leading Portugal s recovery from the recent recession, making this a good time to invest in real estate. Lisbon contributes around 45% of the GDP of the country, mainly through services and industry. Portugal s recovery has been helped by historical and linguistic links to 7 Portuguese speaking countries, most notably Angola, Brazil and Mozambique. The Financial Times recently described Portugal as the the surprise hero of Eurozone growth (16.2.14), citing record levels of export growth and tourism as the principal drivers. TOURISM: Portugal has long been a popular tourist destination, owing to its climate, beaches and golfing facilities and tourism is making an increasingly important contribution to the country s economy. The thriving tourist industry will help to underpin the rental market and occupancy for real estate investments. Lisbon in particular has enjoyed year-on-year increases in tourist numbers as it is fast becoming one of the top ten most popular citybreak destinations in Europe. Tourism in Portugal made up 14-16% of the country s GDP, valued at 9bn in 2013 reflecting the large increase in visitor numbers. RESIDENTIAL REAL ESTATE INVESTMENT: Institutional investment has returned to the residential and commercial property sector in Portugal and especially in Lisbon. Lisbon, according to the Royal Institution of Chartered Surveyors, is the only area at present in Portugal where residential prices are improving and the supply of high quality stock is becoming scarcer. The rating agency Fitch reports that house prices in Portugal are already improving, whilst the OECD estimates that property prices in Portugal, relative to rents and incomes, appear to be undervalued by between 5-10%. SUMMARY: The Portuguese economy is improving with Lisbon as main driver of growth. The Lisbon real estate market is recovering and prices of residential property are increasing and are likely to do so for several years to come. There is a shortage of high quality apartments in Lisbon with the build quality, service and price that will be delivered by The Lumiares Luxury Hotel Apartments. The Tourism industry is an important component of Portuguese GDP and is particularly buoyant in Lisbon, where it underpins the property lettings market, either on a short term or long term basis. The Lisbon real estate investment market has been boosted by international investor interest in the Portuguese Golden Residency Permit and Non-Habitual Residency tax schemes and the increasingly good returns available in this market. According to Juwai.com, and its survey of top favourite destinations for Chinese buyers, Portugal ranked number 6 ahead of Singapore (No.9) and Malaysia (no.10). 20 21
05 THE GOLDEN RESIDENCY PERMIT (GRP) SUMMARY BACKGROUND: GRP was introduced by the Portuguese Government in 2012. The regulations are aimed at attracting foreign investment to the country by creating a straightforward and quick method of obtaining residency visas. WHO MAY APPLY: Any non-eu citizens involved in an investment activity, either individually or through a company conducting, at least, one of the following operations in Portugal for a minimum period of five years: Acquisition of real estate with a value > EUR500,000 (on equity basis, ie not including any mortgage amounts); HOW TO APPLY: All GRP matters are handled by the Serviço de Estrangeiros e Fronteiras (SEF). International Law Firm, PLMJ, headquartered in Lisbon, is retained to process GRP applications for our buyers. This can be achieved via their associated offices (including China, Brazil and Russia) and/ or in Lisbon as required. PLMJ will charge a fixed EUR7,500 fee for both the conveyance and GRP application. This fee includes the application for the buyer s spouse and one child. Other family members can also apply, at the same time, for an additional fee of EUR500 per applicant. Capital transfer with a value equal to or above EUR1,000,000; Creation of at least 10 jobs. WHAT ARE THE ADVANTAGES OF THE GRP: In exchange for the investment in Portugal, the beneficiary of the GRP can: Stay in Portugal without need for a residency visa; Reside and work in Portugal whilst being able to maintain a residency in another country; Circulate within the Schengen area without need for a visa; Benefit from family membership; Request a permanent residency permit after 5 years. 22 23
06 THE LUMIARES LUXURY HOTEL APARTMENTS PROPERTY SPECIFICATIONS FEATURES Variety of natural stone floors Contemporary meets Traditional, using both modern and classic Portuguese materials (tiles and calçada) Top quality wood effect flooring in all apartments Apartment doors in solid wood, main entrance door covered in leather High ceilings and good natural light Double glazed windows with white wooden shutters Balcony with metal balustrades and hand rails Full air- conditioning (reception and apartments) Wired for cable TV, broadband and Wi-Fi LED light fixtures Bticino switches and power sockets Cat 5 wiring Security alarm system, smoke detectors and fire alarms 24 hour Reception Desk Roof Top Bar with large terrace and stunning views over Lisbon Underground parking with storage lockers Spa & Gym on ground floor and basement -1 level Electric roller blinds Lifts to all floors (guest and service) KITCHENS AND BATHROOMS Bespoke LEIKEN high quality kitchens Corian worktops and upstands Superior branded appliances to include oven, hob extractor, fridge-freezer, dishwasher and coffee machine Luxury finished bathrooms using both natural stone and Portugese tiles Roca chrome bathroom taps and showing fittings Roca bathroom porcelain BUILDING CONSTRUCTION Foundations and structure in reinforced concrete Classified existing facade refurbishment Interior classified 16th Century stairwell refurbishment 24 25
LOFT IDENTIFICATION DIMENSIONS in m 2 Apartment nº GR C Apartment 132.70 Store code 0 Store 0 Parking space -3.04 Parking 10.80 TOTAL: 143.50 m 2 26 27
T0 APARTMENT IDENTIFICATION DIMENSIONS in m 2 Apartment nº 2 F Apartment 33.69 Store code -3.08 Store 2.44 Parking space -3.21 Parking 12.90 Terrace 1.42 TOTAL: 50.45 m 2 28 29
T1 APARTMENT IDENTIFICATION DIMENSIONS in m 2 Apartment nº 21 Apartment 45.40 Store code -2.01 Store 3.67 Parking space -2.04 Parking 10.69 TOTAL: 59.76 m 2 30 31
T2 APARTMENT IDENTIFICATION DIMENSIONS in m 2 Apartment nº 2 C Apartment 74.41 Store code -3.06 Store 3.55 Parking space -3.19 Parking 10.91 TOTAL: 88.87 m 2 32 33
T1 APARTMENT T2 APARTMENT IDENTIFICATION DIMENSIONS in m 2 Apartment nº TOP G Apartment 40.21 Store code -2.21 Store 4.14 Parking space -2.06 Parking 14.97 TOTAL: 59.32 m 2 IDENTIFICATION DIMENSIONS in m 2 Apartment nº TOP C Apartment 66.29 Store code -1.06 Store 3.55 Parking space -1.13 Parking 10.91 TOTAL: 80.75 m 2 34 35
T2 APARTMENT IDENTIFICATION DIMENSIONS in m 2 Apartment nº 2 G Apartment 99.42 Store code -3.01 Store 3.67 Parking space -2.02 Parking 12.46 TOTAL: 115.55 m 2 36 37
T2 PENTHOUSE IDENTIFICATION DIMENSIONS in m 2 Apartment nº Top A Apartment 97.17 Store code -1.07 Store 2.44 Parking space -1.15-1.16-1.17 Parking 12.90 Terrace 8.04 TOTAL: 151.38 m 2 38 39
The Lumiares Spa & Gym is located on the Ground and -1 level. Occupying 294m 2, the spa has four treatment rooms, a steam bath, sauna, fully equipped gym and male and female changing rooms. The Spa & Gym have been designed and equipped with input from former senior spa management from Six Senses Resorts & Spas. The Alto Bar occupies 263m 2 of covered and terrace area with superb views over Lisbon and the River Tagus. With direct elevator access from the ground floor or by elevator and stairs from the apartment levels, the Alto Bar will offer indoor and outdoor seating for breakfast and light refreshments and informal meals throughout the day and evening. The bar will showcase both Portuguese and French wines in an impressive open-view cellar, offering a perfect accompaniment to a mix of authentic local and interesting international cuisine. 40 41
07 HOTEL MANAGEMENT, OPERATIONS & RENTAL RETURNS Mornington s specialty and experience is the ownership and operation of hotels including the all-important startup stage. Their previous successes have included The Mark Luxury Hotel in Prague and they currently operate a chain of hotels in mainland Europe. Mornington is in the process of setting up the hotel management company, with the help of a local Portuguese expert and key personnel, from luxury hotel brands, with whom Mornington has worked successfully before. The Lumiares will be branded and managed as an independent, international 5* Luxury Hotel and will join an international affiliation such as Leading Hotels of the World, Preferred Hotels or Luxury Hotels of the World. Apartment/Hotel Operations: this will cover the general management and administration of the hotel apartments, including purchasing, tour operator contracts etc. as well as management and training of staff, front of house, concierge and marketing of apartments that are managed on behalf of buyers. Food & Beverage (F&B): will either be outsourced to one of several excellent local F&B operators in Lisbon or be operated in-house. Day-to-day operations of the F&B outlets will be overseen as part of the operation of the hotel apartment business. Lumiares Spa & Gym: the Spa & Gym has been designed to cater for owners and hotel guests alike, but will be open to the general public on a commercial basis. Owners and their guests will benefit from priority use and significant discounts for any treatments at the Lumiares Spa & Gym. The Rental Guarantee is only available to purchasers who opt into the Lumiares Hotel Management Agreement (LHMA), which agreement governs how the apartments are rented out and managed by LHMC. All purchasers who opt into the LHMA will receive a guaranteed 4% gross return (based on purchase price) for the first three years of operation. Below is an illustrative example of purchaser s returns, based on a EUR500,000 T2 apartment on the second floor. The assumptions and outline terms of the Rental Guarantee are shown below for the first three years, followed by an illustration of projected returns after the guarantee period. RENTAL RETURNS: GENERAL ASSUMPTIONS OF ILLUSTRATIVE ANALYSIS The below illustrative analysis assumes that all 53 apartments are sold and pooled back to the Lumiares to manage and rent out according to the LHMA. Each purchaser is entitled to his pro rata share of all pooled room revenues from apartments, with the pro rata share based on the purchaser s price relative to the total purchase price paid for all apartments sold. Please note that purchasers are only entitled to the guaranteed return for the first 3 years of operation on condition that the apartment is pooled back to Lumiares to manage, and is further subject to the detailed terms and conditions of the LHMA. It is also assumed that all furniture and fittings of purchased apartments remain the property of the Lumiares, but also any insurance costs of such furniture and fittings are borne by the Lumiares. Personal items in the apartments that belong to purchasers or guests remain the responsibility of that individual, in accordance with hotel industry standards. The analysis does not take into account the impact of personal income tax liability for each apartment holder as this will depend on various factors outside of the scope of this illustration. Purchasers are advised to seek their own tax advice in order to determine the obligations regarding tax, reporting and other similar factors. ILLUSTRATIVE ASSUMPTIONS Purchase price assumed > EUR500,000 Guaranteed yield for 1st 3 years > 4% of Purchase Price, starting from completion Assumed pro rata entitlement > 1.85% of Gross Room Revenue Participation (this assumes pro rata % based on total sale revenue from sale of all 53 pooled apartments) Room Revenue Participation % > 45% of Room Revenues (net of sales tax) Deduction of Municipal Taxes/IMI > 0 for first 5 years, then estimated EUR800 per year Deduction for PMA Fees > EUR200/month (concierge, security, maintenance) ILLUSTRATIVE RETURNS IN EUROS (assumed completion end December 2016) 2017 2018 2019 2020 2021 Room rate 220 270 280 287 294 Occupancy 55% 62% 65% 65% 65% Gross Rooms Revenue 2.34m 3.24m 3.52m 3.61m 3.70m Guaranteed: years 1 to 3 20,000 20,000 20,000 - - Projected returns: - - - 30,093 30,846 MANDATORY DEDUCTIONS: PMA fees: 2,500 2,500 2,500 2,500 2,500 Municipal tax IMI - - - - - Net to owner 17,500 17,500 17,500 27,593 28,346 % Return to owner 3.5% 3.5% 3.5% 5.52% 5.67% PLEASE NOTE: Above projected returns are purely for illustrative purposes and do not take into account income tax implications. Returns do not take into account purchasers personal use of apartments for up to 6 weeks per year (2wks free 2wks at 50% & 2wks 30% discount on hotel room rate) Usage is transferable to purchasers friends and family, however the Lumiares Luxury Hotel Apartments reserves the right to apply a 30 day blackout period each year. 42 43
08 PALACE HISTORY PALÁCIO DOS CONDES DE LUMIARES The 16 th century palace was formerly known as the Palácio dos Condes de Lumiares, from which the property derives its name today. A large house was originally constructed by Bartolomeu de Andrade, on a farm site called Valverde; it remained until the 18 th century, after which Dona Leonor de Távora Cunha e Meneses (widow of one of the Counts of Lumiares) acquired the property and built the impressive palace which we are breathing new life into today. In 1875 the Palace was eventually sold outside the family. All that remains today is the listed facade with its enviable position in the Bairro Alto district of Lisbon on one of its prime streets: Rua São Pedro de Alcântara. In more recent years (circa 1970-1990) the building was remembered for the typical Bairro Alto bar called Gingão, which was on the ground floor facing Rua S. Pedro de Alcântara. More recently, the building was acquired by a Portuguese hotel group that started work on the site, but encountered financial difficulties before commencing construction. Current owners Q&P purchased the site in April 2014. Even though the building was acquired with a valid construction permit, the current owners wish to improve the design and to convert the building form a designated hotel to an apartment-hotel concept. This included a number of structural and design enhancements and changes, to improve the use of space, and to justify the inclusion with city heritage authorities of the Alto Bar rooftop bar, which will command rare and stunning views over Lisbon, the river and beyond. We are excited about bringing back to life the Lumiares Palace and have tried to respect the historical nature of the building whilst introducing design and finishes that will bring the palace into the 21 st Century. 44 45
09 LISBON OVERVIEW Wonderful, cosmopolitan and extraordinarily diverse, Lisbon is not only the capital and largest city of Portugal, but also its cultural, business and investment hub, and one of very few major European port cities on the Atlantic coast. As well as having excellent links to the rest of Europe, its large port provides Portugal with a thriving trading gateway to the rest of the world. Its population of c. 550, 000 in the main city, and c. 2 million in the greater Lisbon area, makes it economically important, and yet small enough to retain the charm and intimacy that make it so alluring to visitors and residents alike. With its beautiful architecture, historic squares, year round warm and gentle climate, nearby sandy beaches, delicious food and vibrant street life, Lisbon s popularity is fast on the rise with both tourists and investors, for whom it has much to offer. ACCESS Castelo São Jorge The winding medieval streets of Lisbon s most ancient district, Alfama, twist up to the city s Moorish pinnacle. The dusk-orange walls of the ancient castle dating back to the 19 th century, are visible from almost every street in the city and symbolise the Portuguese Empire. The Monastery & Church of S.Vicente are near by in Graça. Tram 28 Departing from Praça Luís de Camões to Graça every 15 minutes, this is the most charming way for tourists to witness many of the city s most visited and photographed sights with one trip, viewed from an ancient, wooden tram. Torre de Belém A symbol of maritime Lisbon, this Byzantine and Gothic tower stands at the mouth of the river Tagus, guarding the city harbour s entrance. Reached via a raised wooden walkway, the tower is filled with intricate stonework and offers great views over the Atlantic Ocean. Avenida da Liberdade Luxury brand shopping within 5 minutes walk. Lisbon Airport is located close to the city and just a 15 minute taxi ride from the city centre. Lisbon has good rail links from Entrecampos Station (10 minute taxi from Bairro Alto) with inter-city rail services to Porto in the north and the Algarve to the south. The city is also at a strategic junction of the European motorway network, with road links to the north and south as well as into Spain. LISBON ATTRACTIONS Mosteiro dos Jerónimos This commanding 15 th century Manueline monastery was built to commemorate Vasco da Gama s discovery of India. The main attraction is the delicate gothic chapel that opens up to a grand monastery in which some of Portugal s greatest historical figures are buried. Praça do Comércio The square was originally named Praça do Comércio (Commerce Square) to indicate its function in the economy of Lisbon. The symmetrical buildings around the square were filled with Government offices responsible for customs and port activities and are still in use today by some of the current Government s ministries. The centrepiece of the square is the equestrian statue of King José I, which was erected in 1775 in the centre of the square. This bronze statue was the first monumental statue dedicated to a King in Lisbon. This is one of the most beautiful squares in the world and is located just 10 minutes walk from The Lumiares Luxury Hotel Apartments. 46 47
10 PURCHASE PROCESS & TIMINGS THE GOLDEN RESIDENCY PERMIT (GRP) BUYER: A simple five stage process is required to complete the investment/purchase of an apartment in The Lumiares Luxury Hotel Apartments. The purchaser will be fully advised in all matters related to the acquisition by the independent international law firm PLMJ, who, at the purchaser s instruction, will handle all matters on their behalf. Stage One - The purchaser will enter into a Reservation Agreement to purchase an apartment in the Lumiares Luxury Hotel Apartments. A nonrefundable deposit of EUR20,000 will be paid by the purchaser to secure the apartment of their choice. The purchaser will also sign a Power of Attorney to PLMJ to allow PLMJ to execute the necessary deposit arrangements (Deposit Agreement) and to prepare the Promissory Contract on behalf of the purchaser. Stage Two - The purchaser s lawyer will sign the Promissory Contract (CPCV) for the purchase of the apartment(s) and the Deposit Agreement on the purchaser s behalf. The purchase price (less the deposit already paid) will then be paid into the deposit account care of PLMJ and will be released subject to milestones being met in accordance with the Deposit Agreement. The first stage payment (20%) will be released upon obtaining by owner Q&P of the final construction permit to commence construction of the Lumiares. Stage Three - 20% stage payment released to Q&P at the start of construction. Construction will start in the first quarter 2015. Stage Four - 20% stage payment released to Q&P on completion of fifty (50) per cent of the construction being completed. 50% per cent of construction is defined as the completion of the shell of the building and completion of the roof. Stage Five - Prior to completion of the building and soft opening of the hotel, the purchaser s lawyer will arrange for the title transfer of the completed apartment (the Deed) and the final stage payment of 40% to be released simultaneously. The Deed price will take into account all payments already made. PLEASE NOTE: The purchaser s application for the Golden Residency Permit will be lodged at Stage Two. Permits are anticipated to be issued within two months of application. STANDARD PURCHASING PROCEDURE (NON GRP BUYERS): The purchase process follows the same stages as for the GRP purchasers, but the purchase funds are not held in a Deposit Account. Instead they are released to Q&P from the purchaser directly and the final Deed price will similarly take into account all stage payments previously received. DISCLAIMER The particulars, pictures and plans in this brochure are illustrative only and are intended to provide potential purchasers of residential apartments with guidance only about the intended layout, materials, colours and general appearance of the completed development. Potential purchasers should be aware that all images of the completed development are computer generated and, whilst the developer has endeavoured to provide a realistic depiction of the proposed finished property, prospective purchasers should note that all elements of the development s design and specification may, at the developer s discretion, be subject to alteration during construction. This brochure will not form part of any contract or warranty, nor does the developer make any warranties or guarantees of any kind, whether express or implied, in relation to the final product. This brochure is not intended and can not be construed as an offer to sell securities of any sort. Any projections relating to potential income deriving from properties described herein are illustrative and subject to risks for which the developer cannot be held responsible; prospective purchasers must make their own determination of the potential risks and rewards involved, including but not limited to commercial, financial and fiscal considerations. This brochure does not constitute an offer or commitment for sale, and the developer may withdraw from any discussions or negotiations with any purchaser resulting from or in any way connected with information or data provided in this brochure. Availability list and prices available on request. 48 49
11 CONTACT US FOR MORE INFORMATION AND OR TO RESERVE AN APARTMENT, PLEASE CONTACT BRIDGEHEAD CAPITAL. SALES CONSULTANT: OWNER: (WK) +44 (0) 20 3327 1661 (Email) enquiries@bridgeheadcapital.co.uk Peter Lowe (M) +351 911 075 512 (Email) peterlowe@bridgeheadcapital.co.uk Ceri John (M) +44 (0) 750 105 6394 (Email) cerijohn@bridgeheadcapital.co.uk Quick & Positive Investimentos Imobiliários Unipessoal Lda (WEB) www.thelumiares.com (WK) +44 (0) 203 327 1660 DEVELOPER: Morningbridge Lda (WK) +44 (0) 203 327 1660 (Email) peterlowe@morningbridge.pt LAWYER: PLMJ Attn: Francisco Lino Dias (WK) +351 213 197 300 (F) +351 213 197 400 (M) +351 916 525 601 (Email) francisco.linodias@plmj.pt www.thelumiares.com SALES AGENT: Consultant (F) +351 917 226 651 (Email) portugal@consultan.com (WEB) www.consultan.com 50 51